Monday

25th Mar 2019

'No indication' VW used EU loans to cheat

  • Hoyer: "As far as we know – and we have investigated very, very thoroughly – our loans to Volkswagen have not been abused." (Photo: Dave Pinter)

The European Investment Bank (EIB) found no indication that its loans to German carmaker Volkswagen have been used to fund development of diesel cars involved in the emissions cheating scandal.

“We have not found any indication that our loans might have been used for fraudulent purposes,” said EIB chief Werner Hoyer at a press conference on Tuesday (24 January).

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

“As far as we know – and we have investigated very, very thoroughly – our loans to Volkswagen have not been abused.”

After the Volkswagen Group admitted cheating on emissions tests in September 2015, the EIB began an investigation into whether any of its loans to VW had been used to fund the cheating software.

At a press conference in January 2016, Hoyer said he could not exclude the possibility of a link between a €400 million EIB loan to Volkswagen signed in 2009 and the emissions fraud.

On Tuesday, Hoyer repeated the bank was “disappointed” by Volkswagen's actions, considering the many VW projects EIB funded.

Also, because of the EIB's “commitment” to tackling climate change, “you want to be associated with partners who stick to their promises”.

Hoyer noted that there were no loans to VW “in the pipeline”, and that he did not expect any to be negotiated “in the foreseeable future”.

Last July, the EIB president said that lending may become more expensive for the firm.

He did not repeat that on Tuesday, although he did confirm that lending criteria “will be stricter”.

“Since we have learned, we are going to be more open-eyed than ever,” said Hoyer.

Car companies wanting a loan from the EU bank, can expect further scrutiny.

“We have learned the hard way," he said. "We are looking at all our corporate partners. One would have to be naive not to see that beyond Volkswagen other companies might be affected as well, so we are approaching this with open eyes.”

Investigation

Diesel cars still dirty, despite huge EU loans

The European Investment Bank lent billions to carmakers, in part to clean up diesel cars. But diesel cars are still dirty, prompting questions if the money was well spent.

Investigation

ECB in ‘bail-out’ of scandal-tainted VW

The ECB has started to “bail out” Germany’s Volkswagen Group by buying its corporate bonds, but other EU-linked banks continue to shun the scandal-tainted firm.

Investigation

EU probe into VW loan remains opaque

EU anti-fraud agency and European Investment Bank tight-lipped on report that said Volkswagen deceived the bank when acquiring a €400 million loan.

EIB silent on report into 'fraudulent' VW loan

European Investment Bank vice-president Taylor tells EUobserver the fraud investigation into a €400 million EIB loan to Volkswagen had 'considerable ramifications', but didn't want to explain why the report was kept secret.

EIB 'more sensitive' to fraud after Dieselgate

The president of the European Investment Bank, Werner Hoyer, said the bank had high standards - but did not explain why an anti-fraud report on a loan to Volkswagen was being kept secret.

News in Brief

  1. Orban vows more EU 'information campaigns'
  2. May 'effectively out of power', says Scottish leader
  3. May under pressure to resign over Brexit endgame
  4. Million march against Brexit, five million sign petition
  5. Italy first G7 country to sign China Belt and Road deal
  6. EU leaders at summit demand more effort on disinformation
  7. Report: Corbyn to meet May on Monday for Brexit talks
  8. Petition against Brexit attracts 2.4m signatures

Feature

Romania enlists priests to promote euro switchover plan

Romania is due to join the single currency in 2024 - despite currently only meeting one of the four criteria. Now the government in Bucharest is enlisting an unlikely ally to promote the euro to the public: the clergy.

Trump and Kurz: not best friends, after all

The visit of Austrian chancellor Sebastian Kurz to the White House on Wednesday showed that the current rift in transatlantic relations is deepening by the day.

Stakeholders' Highlights

  1. Nordic Council of MinistersNew campaign: spot, capture and share Traces of North
  2. Nordic Council of MinistersLeading Nordic candidates go head-to-head in EU election debate
  3. Nordic Council of MinistersNew Secretary General: Nordic co-operation must benefit everybody
  4. Platform for Peace and JusticeMEP Kati Piri: “Our red line on Turkey has been crossed”
  5. UNICEF2018 deadliest year yet for children in Syria as war enters 9th year
  6. Nordic Council of MinistersNordic commitment to driving global gender equality
  7. International Partnership for Human RightsMeet your defender: Rasul Jafarov leading human rights defender from Azerbaijan
  8. UNICEFUNICEF Hosts MEPs in Jordan Ahead of Brussels Conference on the Future of Syria
  9. Nordic Council of MinistersNordic talks on parental leave at the UN
  10. International Partnership for Human RightsTrial of Chechen prisoner of conscience and human rights activist Oyub Titiev continues.
  11. Nordic Council of MinistersNordic food policy inspires India to be a sustainable superpower
  12. Nordic Council of MinistersMilestone for Nordic-Baltic e-ID

Latest News

  1. Romania presidency shatters EU line on Jerusalem
  2. The Spitzen process - a coup that was never accepted
  3. Russia and money laundering in Europe
  4. Italy takes China's new Silk Road to the heart of Europe
  5. What EU leaders agreed on climate - and what they mean
  6. Copyright and (another) new Brexit vote This WEEK
  7. EU avoids Brexit crash, sets new date for 12 April
  8. Campaigning commissioners blur the lines

Join EUobserver

Support quality EU news

Join us